Central Bank withdraws order on maximum interest rates on deposits

Sep 25, 2019 (LBO) – The Monetary Board of the Central Bank has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September 2019.

The decision has been taken after the issuance of the directions to the licensed banks on Enhancing Efficiency of the Transmission of Recent Policy Decisions to Market Lending Rates, where licensed banks are required to reduce its rupee-denominated market lending rates.